On the eve of the elections, the Democrats want to seduce the middle classes by going to war against tax fraud.
The Democrats’ new motto is simple: tax the rich. The Biden administration announced Friday that it has collected nearly $1.3 billion in taxes owed by wealthy Americans, including millionaires, since the end of 2023, at a time when Kamala Harris, like Donald Trump, are trying to woo the middle classes.
“I am pleased to share today that nearly 80% of the 1,600 millionaires with outstanding tax debts have now paid, recovering more than $1.1 billion.”Treasury Secretary Janet Yellen is expected to say while traveling to Austin, Texas, according to excerpts of her speech released in advance.
This recovery operation targets households with incomes of more than $1 million and with a debt of more than $250,000 towards taxes. Launched in the fall of 2023, it had already collected an initial envelope of $38 million from 175 people.
A second operation, launched in February, targets 125,000 high-income and wealthy taxpayers who have not filed their taxes since 2017: this has “allowed to recover $172 million”via “21,000 of these taxpayers (who) have already filed a declaration”Joe Biden’s Minister of Economy and Finance has yet to announce.
The hunt for the middle class vote
“Under the previous administration (of Donald Trump, editor’s note), as the audit rates of high-income taxpayers decreased, the share of audits on taxpayers with incomes below $200,000 increased”Ms. Yellen must emphasize.
Joe Biden had assured, at the beginning of his mandate, that he wanted to increase taxes for the richest Americans. A measure recently taken up by his vice-president Kamala Harris, now a candidate in the presidential election.
With two months to go before the deadline, the Democrat and her Republican rival, former President Donald Trump, each want to convince people that their tax policies are the most favorable to the middle classes.
The billionaire thus accused Kamala Harris on Thursday of wanting “the biggest tax increase ever imposed”while he promises to “make permanent” its tax cuts adopted in 2017, and “reduce taxes even further”.
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